If your plan receives audited financial statements, they may be accompanied by a management letter. This can be a valuable resource when it comes to making your plan more efficient and identifying potential risk associated with plan qualification and ERISA compliance.
New rules will change the way nonprofits report and describe their net assets. These changes will reduce the number of net asset classes from three to two and require separate subtotals for activities with and without donor restrictions.
If your company is involved in a merger or spinoff, you’ll need to plan carefully for how your qualified retirement plan will be affected. Failure to plan ahead for the impact of a merger or spinoff on your plan could lead to unintended consequences.
What is ASC 606 and what changes should you expect for your company?
Sponsors of a qualified retirement plan have a fiduciary duty to understand the nature of plan fees and ensure that they are reasonable.
It’s hard to keep up with nuanced accounting rules. If an audit is in your near future, here are some items of which to be aware.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This standard eliminates the transaction- and industry-specific revenue recognition guidance under the current GAAP and replaces it with a principle-based approach for determining revenue recognition. The FASB has subsequently issued multiple ASUs that modify or add to the original standard.
New rules set to take effect for the fiscal year after Dec. 15, 2017 will change the way nonprofits report and describe their net assets.
How long must plan sponsors maintain records? The easy answer is: “For a long time.” The more nuanced answer is: “It depends.”
The elation of acquiring a company can end abruptly when you realize your company will never get a chance to recognize a significant portion of the acquired company’s pre-acquisition deferred revenue.
The increase in available software options has led software companies to look for ways to differentiate themselves from their competition. An increasingly popular way to do this is to obtain a System and Organization Controls (SOC) report which addresses the internal control environment of the software companies to help ensure the application’s stability and security.
SSAE 18 refers to Statement on Standards for Attestation Engagements No. 18. The SSAE 18 replaced the audit requirements under SAS 70 (Statement of Auditing Standards No. 70)
Service organizations may also obtain audits of specific defined control criteria that meet customer requirements beyond that of a SOC 1 report.
There are common management issues in employee benefit plans. Having the appropriate Complementary User Entity Control in place will assure to plan management that policies and procedures are being followed.
System and Organization Controls (SOC) reports are necessary whether you are a SaaS provider or a business customer of that SaaS provider. We explain why.
Before you can perform functional expense reporting, you should have a written policy in place addressing cost allocation. The policy should be reviewed at least annually and revisions made as necessary.
Plan administrators have a fiduciary duty to ensure that a qualified institution has certified both the accuracy and the completeness of investment information.
The FBAR filing deadline is Tuesday, April 18, 2017. If you are required to file an FBAR, it must be done on or before the April 18 deadline and must be filed electronically through the Bank Secrecy Act (BSA) E-Filing System.
SOC 1 reports will look nearly identical under SSAE 18 as they did under SSAE 16, and changes to the reports will be minor, so there is not much that service organizations will have to change, especially Holtzman Partners clients. However, the shift to SSAE 18 does result in 5 main changes.
The new accounting guidance on nonprofit financial reporting applies to fiscal years beginning after Dec. 15, 2017 (calendar 2018 for calendar-year organizations); however, early adoption is permitted. So now is a good time to think through the impact the new accounting standards will have on your financial statements.